Cell Network enters Asian market
Cell Network enters Asian market Cell Network AB (publ) has signed a letter of intent to acquire the Internet company BRG Interactive Digital Media Sdn Bhd (IDM) in Malaysia in Southeast Asia. This means that Cell Network AB is one of the few global players to establish an early presence in the Asian market. Acquisition "This is a strategic acquisition for us," says Jessica Staël von Holstein, manager of international expansion at Cell Network. "Through an early entry into the Asian market, we will be able to position the company advantageously against future competitors. IDM will act as a bridge head for continued expansion in Asia in the near future." Cell Network AB intends to acquire 100% of the shares of IDM. The parties have agreed not to disclose the purchase price.The acquisition is subject to the customary due diligence and approval by the Board of Directors of Cell Network AB. IDM IDM was established in 1994 by its president Gerard Linn and vice president Koay Chee Keong with a vision of becoming the leading Internet supplier of e-business solutions for Asian companies. Today, the company has 40 employees with core expertise in strategy, technology and design. The company's projects have been nominated several times and won awards for the best Web site of the year. Award winning sites include Sony and Xtreme Webs, which were winners in the PIKOM-computimes IT awards. IDM also developed Malaysia's largest e-commerce portal, www.midvalley.com.my, which includes 430 specialty shops. The company is an established leader with companies such as Hewlett Packard, Motorola, Sony and Maxis among its existing customers. Sales are expected to amount to about SEK 7 million in 1999. Because the company's operations have received MSC (Multimedia Super Corridor) status, they are tax-exempt for a ten-year period. For further details about customers and e-business solutions, visit www.idm.com.my. The Internet company Cell Network AB (publ) is listed on the OM Stockholm Stock Exchange's O-list. The Group is a leading Internet consulting company for business development based on new digital media and aims to be the European market leader. Customers include General Electric, Telia, Nokia, ABB, Volvo, Telenor, Renault, Saab, Bank Nationale de Paris, Ericsson, Braathens Malmö Aviation, Astra-Zeneca, Procordia, De norske Bokklubbene, Nationalencyklopedin, Svenskt Flyg, Bonnier, Torget (Swedish Post) and Electrolux Home. To subscribe to press releases online, visit www.huginonline.com. For further information, contact: Cecilia Hellman, Corporate Communications, Cell Network AB (publ), +46 8 522 041 32 or +46 739 733 009 Arvid Liepe, Investor Relations, Cell Network AB (publ), +46 8 522 041 85 or +46 709 56 51 85 Jessica Staël von Holstein, International expansion, Cell Network AB (publ), +46 709 56 51 35 ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/1999/12/15/19991215BIT00460/bit0001.doc http://www.bit.se/bitonline/1999/12/15/19991215BIT00460/bit0002.pdf